Ankara: Turkey’s economy grew by 5.6 per cent in 2022, with domestic consumption propping up the better-than-expected performance, according to official statistics released on Tuesday.
The country’s economy expanded by 3.5 per cent year-on-year in the last quarter of 2022, while the GDP per capita reached $10,655 for the entirety of the year, the Turkish Statistical Institute said.
Domestic consumption grew by 19.7 per cent in 2022, whereas investments, which had increased by 7.4 per cent in 2020 and 2021, only grew by 2.8 per cent in 2022, Xinhua news agency reported.
The country’s export growth plummet to 9.1 per cent in 2022, compared with 24.9 per cent in the previous year.
In 2021, the Turkish economy bounced back strongly from the Covid-19 pandemic to expand by 11.4 per cent, its highest rate in a decade.
The country’s economic growth was overshadowed by its annual inflation rate which reached a 20-year high of 85.5 per cent last year, along with the impact of the global economic slowdown.
Turkey’s annual inflation dipped to 57.68 per cent in January and is predicted to continue to fall throughout the year. Yet the country was hit by massive earthquakes on February 6 which will result in a hefty reconstruction expense and slower economic growth.